It emerged tonight after EU heads of state and government discussed the situation through a video conference, reports the Reuters news agency.

"We are ready to use all the necessary tools," said Charles Michel, Permanent President of the European Council, which the summit is also called.

He said it could be about liquidity support for businesses and about easing the rules on what Member States are allowed to do - for example, the rules on state aid to businesses and the financial regulations for state finances, which would allow for larger government budget deficits than normal to keep up demand in the economy.

At the same press conference, EU Commission President Ursula von der Leyen said that the EU should create an investment fund of EUR 25 billion, of which 7.5 billion could be used immediately to dampen the expected economic downturn.

The party leaders are called to a meeting

In Sweden, after the video meeting, Prime Minister Stefan Löfven (S) said that the EU's health and home ministers have been commissioned to make daily reconciliations to improve coordination between member states.

He also said he will call the leaders of all parliamentary parties for a meeting tomorrow, Tuesday. Tomorrow, Löfven and Finance Minister Magdalena Andersson (S) will also meet representatives of business and trade unions to discuss further measures.

- We will see what we will have to do. We will not hesitate to make extraordinary decisions. This is partly why we want to meet the parties tomorrow, Löfven said on a matter of whether it would not be appropriate to temporarily abolish Caring Day, at least for healthcare professionals.